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Loans - Supplemental |
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The Office of Student Financial Services strongly suggests that you research fully the loan and lender that best suits your needs. It is a good idea to compare the benefits and costs of several supplemental loans before you apply. Please review How to Evaluate a Private Loan for information to assist you with your research. In addition, there are a number of online tools and websites* that you can use as a resource in researching loan options:
• Calculate your total cost of borrowing a loan: nelliemae.org and finaid.org
• Search for and compare loans on a number of factors: certifiedprivateloans.com and studentloanlistings.com
If the option is available, we recommended that students apply for a loan with a co-signer. A co-signer assumes responsibility for a loan should the borrower fail to repay. Having a co-signer on the loan often results in a lower interest rate and reduced fees. Please see our information on the Qualities of a Good Cosigner to help you choose a co-signer prior to applying for a loan.
Below is a list of the supplemental educational loans that are commonly utilized by Northeastern students. The lenders included on this list responded to a request for information distributed by Northeastern. This is not a comprehensive list of all the educational loans available to you. Inclusion on this list is not an endorsement or recommendation by the University. If a parent or student has worked with a lender not listed below, and has received excellent benefits and quality service, please recommend this lender to us by emailing loans@neu.edu.
*For your convenience, we have provided links to websites maintained by third parties. Northeastern is not responsible for the availability, content, or accuracy of materials on third party websites. |
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Undergraduate Students |
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Parents |
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| Loan Product | Loan Provider | Web Address | | Federal Direct Parent PLUS Loan (Dependent Undergraduates) | U.S. Department of Education | www.financialaid.neu.edu
| | MEFA Undergraduate Loan | MEFA | www.mefa.org |
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Graduate Students |
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Non-Degree Candidates |
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Direct-To-Consumer Loans |
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We strongly suggest students make use of other loan options before using these types of loans. As these types of loans carry very high interest rates, it is almost always in the best interest of students to explore federal student loan options before applying for private loan products. A student can contact their Financial Aid Counselor to discuss alternative loan options. Direct-to-consumer private loans are not certified by the school. The student supplies enrollment verification to the lender, and the loan proceeds are disbursed directly to the student. Students must ensure that the funds are in their possession on or before the payment deadline for each semester, as they will not appear as “anticipated aid” on the student account statement. |
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